July 2026 | Released August 12, 2026

+3.36 percent
Consumer Price Index inflation
Jul 2025 to Jul 2026

+0.07 percent
Consumer Price Index inflation
Jun 2026 to Jul 2026

-0.02 percent
Change in real average weekly earnings
Jun 2026 to Jul 2026

Consumer Price Index

From June 2026 to July 2026:

• Headline CPI-U inflation was 0.07 percent.
  • Food price inflation was 0.08 percent.
  • Energy price inflation was -1.48 percent.
• Core CPI-U inflation was 0.22 percent.

From July 2025 to July 2026:

• Headline CPI-U inflation was 3.36 percent.
  • Food price inflation was 2.98 percent.
  • Energy price inflation was 14.73 percent.
• Core CPI-U inflation was 2.48 percent.

Note: Core CPI-U excludes food and energy.

Table 1. Consumer Price Index inflation

	Jul 2026	Jun 2026	Chg. from Jun 2026	Jul 2025	Chg. from Jul 2025
Month-over-month inflation
Consumer Price Index	0.07%	-0.42%	0.49pp	0.23%	-0.16pp
Core Consumer Price Index	0.22%	-0.02%	0.24pp	0.31%	-0.09pp
Food Consumer Price Index	0.08%	0.21%	-0.13pp	0.12%	-0.04pp
Energy Consumer Price Index	-1.48%	-5.71%	4.23pp	-0.62%	-0.86pp
Year-over-year inflation
Consumer Price Index	3.36%	3.53%	-0.17pp	2.70%	0.66pp
Core Consumer Price Index	2.48%	2.59%	-0.11pp	3.06%	-0.58pp
Food Consumer Price Index	2.98%	3.01%	-0.03pp	2.87%	0.11pp
Energy Consumer Price Index	14.73%	15.70%	-0.97pp	-1.55%	16.28pp

Table 2. Cleveland Federal Reserve forecast

	Cleveland Fed forecast	Actual	Forecast error
Month-over-month inflation
Consumer Price Index	0.09%	0.07%	0.01pp
Core Consumer Price Index	0.21%	0.22%	0.00pp
Year-over-year inflation
Consumer Price Index	3.42%	3.36%	0.05pp
Core Consumer Price Index	2.52%	2.48%	0.04pp

Real earnings

From June 2026 to July 2026:

For all employees on private nonfarm payrolls:

• Real average weekly earnings decreased by 0.02 percent.
• Real average hourly earnings decreased by 0.09 percent.

For production and nonsupervisory employees on private nonfarm payrolls:

• Real average weekly earnings increased by 0.06 percent.
• Real average hourly earnings remained unchanged with a net change of 0.00 percent.

Note: “Real” measures are those adjusted for inflation.

Note: Weekly earnings are a better estimate of income than hourly earnings because they take into account the amount of hours worked.

Table 3. Change in real earnings

	Jul 2026	Jun 2026	Chg. from Jun 2026	Jul 2025	Chg. from Jul 2025
Month-over-month change
All employees
Real weekly earnings	-0.02%	0.72%	-0.74pp	0.07%	-0.09pp
Real hourly earnings	-0.09%	0.71%	-0.80pp	0.09%	-0.18pp
Production and non-supervisory
Real weekly earnings	0.06%	0.79%	-0.73pp	0.37%	-0.31pp
Real hourly earnings	0.00%	0.81%	-0.81pp	0.00%	0.00pp
Year-over-year change
All employees
Real weekly earnings	0.15%	0.24%	-0.09pp	1.19%	-1.04pp
Real hourly earnings	-0.18%	0.00%	-0.18pp	1.16%	-1.34pp
Production and non-supervisory
Real weekly earnings	0.19%	0.50%	-0.31pp	1.47%	-1.28pp
Real hourly earnings	-0.10%	-0.10%	0.00pp	1.43%	-1.53pp

Upcoming releases

Date	Time	Release	Data source
Aug 13	10:00 AM	Monthly Fiscal Update, July 2026	U.S. Treasury
Aug 21	10:00 AM	State Employment and Unemployment, July 2026	Bureau of Labor Statistics
Aug 26	08:30 AM	Monthly Expenditures Update, July 2026	Bureau of Economic Analysis
Aug 26	08:30 AM	Monthly GDP Update, Q2 2026 Second Estimate	Bureau of Economic Analysis
Sep 03	08:30 AM	Monthly Trade Update, July 2026	Bureau of Economic Analysis
Sep 04	08:30 AM	Monthly Employment Update, August 2026	Bureau of Labor Statistics
Sep 08	10:00 AM	Monthly Debt Update, September 2026	U.S. Treasury
Sep 11	08:30 AM	Monthly Inflation Update, August 2026	Bureau of Labor Statistics

Notes

Source: Bureau of Labor Statistics; JEC Republicans calculations

“pp” = percentage points; “M/M” = month over month; “Y/Y” = year over year

Consistent with the Bureau of Labor Statistics, monthly figures are seasonally adjusted. Discrepancy in change figures is possible due to rounding.